Clearfield Inc. (CLFD) Announces Quarterly Earnings Results
Clearfield Inc. (NASDAQ:CLFD) announced its quarterly earnings results on Thursday. The company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.08. Clearfield had a net margin of 9.25% and a return on equity of 11.83%. The firm earned $21.10 million during the quarter, compared to the consensus estimate of $19.90 million. During the same period last year, the firm earned $0.10 EPS. The business’s quarterly revenue was up 33.5% compared to the same quarter last year.
Shares of Clearfield (NASDAQ:CLFD) opened at 18.70 on Friday. The stock’s 50 day moving average is $17.95 and its 200-day moving average is $18.14. The company has a market capitalization of $263.56 million, a P/E ratio of 39.79 and a beta of 1.09. Clearfield has a 12-month low of $11.84 and a 12-month high of $20.28.
Separately, Zacks Investment Research raised shares of Clearfield from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Thursday, July 14th.
In related news, Chairman Ronald G. Roth acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were bought at an average price of $17.97 per share, for a total transaction of $89,850.00. Following the completion of the transaction, the chairman now directly owns 1,208,725 shares in the company, valued at $21,720,788.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 19.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Advisors LLC increased its position in shares of Clearfield by 1.3% in the second quarter. BlackRock Advisors LLC now owns 6,077 shares of the company’s stock worth $109,000 after buying an additional 77 shares during the period. Rhumbline Advisers increased its position in shares of Clearfield by 0.9% in the third quarter. Rhumbline Advisers now owns 11,087 shares of the company’s stock worth $208,000 after buying an additional 100 shares during the period. California State Teachers Retirement System increased its position in shares of Clearfield by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,025 shares of the company’s stock worth $430,000 after buying an additional 106 shares during the period. Teachers Advisors Inc. increased its position in shares of Clearfield by 7.5% in the second quarter. Teachers Advisors Inc. now owns 17,448 shares of the company’s stock worth $312,000 after buying an additional 1,219 shares during the period. Finally, State Street Corp increased its position in shares of Clearfield by 1.6% in the second quarter. State Street Corp now owns 138,730 shares of the company’s stock worth $2,484,000 after buying an additional 2,210 shares during the period. Institutional investors own 24.82% of the company’s stock.
Clearfield Company Profile
Clearfield, Inc manufactures, markets and sells fiber management and enclosure platform that consolidates, distributes and protects fiber as it moves from the inside plant to the outside plant and all the way to the home, business and cell site. The Company’s products include Clearview Cassette, including Clearview Classic and Clearview Blue, and Clearview xPAK; Connectivity and Optical Components, including Cable-to-Cable Deployment and Optical Components; FieldSmart, including FieldSmart Fiber Crossover Distribution System, FieldSmart Fiber Scalability Center, FieldSmart Fiber Delivery Point and FieldSmart Small Count Delivery; FieldShield; CraftSmart, and Cable Assemblies.
Receive News & Stock Ratings for Clearfield Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Clearfield Inc. and related stocks with our FREE daily email newsletter.